The Orco Property Group, a leading investor, developer and asset manager in the Central European real estate and hospitality market, said it has acquired Bratislava's City Gate building, total investment €42 million ($56.5 million).
It is a former VUB Bank building located between the Gorky and Laurinska Streets. On the ground floors, Orco Property Group plans to develop a modern shopping centre and exclusive restaurant. The second floor will be dedicated for A class offices. The remaining floors will be used for residential units and luxury apartments. Completion of the reconstruction is planned for the end of 2008 and total investment is estimated at €42 million. "I am very pleased that we have managed to acquire such a prominent building for our portfolio. Its convenient location and premises are just ideal for a residential, office and retail development. The acquisition of the City Gate is further proof of Orco's strengthening position on the Slovak market", said Lucia Svecova, Director of Orco Property Group Slovakia.
Orco Property Group is a leading investor, developer and asset manager in the Central European real estate and hospitality market, currently managing assets of €1.31 billion ($1.76 billion). Operating in Central Europe since 1991, Orco Property Group is a public company, based in Luxembourg, operates in a number of countries including, mainly, the Czech Republic, Hungary, Poland, Russia, Croatia, Germany and Slovakia. (prnewswire.com)